- By Region, Competition, Forecast & Opportunities, FY2018-FY2028” India clear glass market was valued INR 70.13 billion in FY2022 and is forecast to grow at CAGR of 5.98% through FY2028, to reach INR 100.98 billion by FY2028. Growth in the market can be attributed to growth in industrial sector, increased use of clear glass in end use industries and high research & development investment for the development of superior quality clear glass.
India has made significant investments in commercial and residential construction, including smart cities. The growing population is leading to a rise in demand for residential and commercial buildings, which is augmenting demand for clear glasses all across India. Additionally, the short-term expansion of India's construction activities will be driven by a mixture of fiscal support and government policies supporting the housing industry in the country. Long-term growth will be primarily driven by the country's massive population, which necessitates continued investments in the residential building construction sector, creating a market opportunity for India's clear glass manufacturers.
The India Clear Glass Market is very dynamic, as it is widely used in various interior applications where clear and transparent vision of the other side is required, such as doors, windows, glass partitions, wall cladding, handrails, balustrades, stairs, etc. Investors often prefer reinventing existing spaces rather than building new ones. Furthermore, residential and commercial owners renovate their interior fit-outs to keep them up-to-date with latest designs and trends. Such demand for space renovation is likely to drive the India Clear Glass Market.
India Clear Glass Market is segmented based on technology, application, raw material, and region. Based on technology, the market is further fragmented into flat, rolled, sheet. The Flat technology segment accounted for the largest share of 49.61% in the India Clear Glass Market in 2022. This segment is expected to maintain its market dominance over the next five years. Moreover, this is due to increasing growth in construction and infrastructure industry.
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The flat technology segment is expected to grow at a CAGR of 6.68% during the forecast period, owing to the ongoing trend of environmentally friendly practices in the workplace and at home, which has resulted in the adoption of flat glass in large commercial building construction. Flat glass has been used in the construction industry as an insulation material, external glazing material, structural component, and cladding material. Furthermore, flat glass is increasingly being used to create delicate-looking fenestrations on traditional windows as well as facades. As a result, the demand for flat glass has increased.
Based on application, the market is segmented into residential & non-residential. The non-residential segment in India Clear Glass Market stood at INR36.16 billion, with a market share of 51.56% in 2021 and the market is projected to reach INR54.03 billion in the next five years, exhibiting a CAGR of 6.60%, in value terms, during 2023E-2028F, on account of large-scale development of commercial real estate projects.
Various architectural advancements in India have increased product demand. The material used in these applications has several advantages, including low cost and energy efficiency, light transmission, absorption, and refraction, rust resistance, weather resistance, dust resistance, greater insulation, a wide range of colour options, and the ability to be shaped into any shape.
Key market players operating in the India clear glass market include:
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“North region accounted for the largest share of 33.74% in India Clear Glass Market in 2022. This region is expected to maintain its market dominance over the next five years owing to the presence of developed buildings and metro cities in the region. Hundreds of residential and commercial buildings are being built in the northern region. In an effort to revitalize the residential market, particularly in the excess supply region of North India, the Indian government has provided several incentives to boost the affordable housing segment. These incentives have resulted in significant growth in the affordable housing segment in fiscal years 2020-21. As a result, demand for clear glass has increased in the region and will continue to rise over the forecast period. Additionally, Presence of strong industrial base coupled with increasing number of manufacturing facilities in this region is boosting the demand of clear glasses” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Clear Glass Market By Technology (Flat, Rolled, Sheet), By Applications (Residential and Non-Residential), By Raw Material (Sand, Soda Ash, Recycled Glass, Dolomite, Limestone and Others (feldspar, Iron Oxide etc)), By Region (North, East, West, South), By Top 10 States, Competition, Forecast & Opportunities, FY2018-FY2028” has evaluated the future growth potential of India clear glass market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India clear glass market.